MILWAUKEE — A 22-story high-rise with a hotel, housing and sidewalk-level storefronts valued at up to $90 million could be built on North Water Street at the entrance to Milwaukee’s 3rd Ward, the Milwaukee Business Journal has learned.

It is intended to be a landmark building, and would replace a surface parking lot fronting on the Milwaukee River at Water Street and East St. Paul Avenue, near the Milwaukee Public Market, 400 N. Water St. The development is led by The Aggero Group, one of the owners of the Shops of Grand Avenue, said principal Tony Janowiec.

“We are working toward a higher-density development that will be a signature project,” Janowiec told the Milwaukee Business Journal.